Two next door condominiums Sophia Ville and Fairhaven located at Sophia Road have decided to go for collective sale, a tender of which was recently released at an indicative price of S$64 million.
JLL, the marketing agency looking into the sale of the properties said that most of the owners of the two condos decided to join hands so that the sites could be offered to investors looking to re-develop them into a single, large residential property.
More than 80% owners in each of the developed condos have agreed for the sale.
Sophia Ville @ 128 Sophia Road sits on a site area of 7,168 square feet while Fairhaven @ 130 Sophia Road occupies an area of 16,660 sq. ft.
Both sites are freehold properties which are very attractive to any developers.
Under the 2019 Urban Redevelopment Authority’s Master Plan, both these properties are earmarked as residential zones.
Their gross plot ratio or GPR is 2.1. When combined they will have a gross floor area of 53,541 square feet which may potentially also include a 7% additional gross floor area for balconies.
According to the statement released by JLL, even if the potential GFA bonus of balconies is excluded, the land rates for both the properties will stand at about S$1,279 psf ppr (per square foot per plot ratio).
But when the potential increase from the balconies GFA are factored in, the land rate will stand at S$1,195 per square foot per plot ratio.
JLL added that there will not be any development charge that will need to be payable because of the increased development baseline.
It is interesting to know that both Casa Sophia and Sophia View are Neighbors of Fairhaven & Sophia Ville, which sold en bloc in 2019.